China’s electric vehicle and self-driving start-ups are heading to markets to raise cash at the risk of lower valuations, with funding drying up amid intense competition in the sector.
In Hong Kong’s biggest share sale this year for a primary listing, Horizon Robotics raised HK$5.4bn ($696mn) in an initial public offering this week.
The chipmaker for self-driving cars, backed by Alibaba, Baidu, BYD, Intel and Volkswagen, sold 1.36bn shares at HK$3.99 to value the company at $6.7bn — about 23 per cent lower than the $8.7bn it was worth based on its last funding round in December.
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